Crypto Research
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THE HEADLINES [Members Area Crypto] PRESIDENT ACCUSES RUSSIA OF USING CRYPTO TO INTERFERE WITH US ELECTIONS www. whitehouse. gov President Biden’s Executive Order on Russia’s interference in the US elections accuses Russia of participating in “deceptive or structured transactions or dealings to circumvent any United States sanctions, including through the use of digital currencies or assets or the use of physical assets.” In response the Department of Treasury Office of...
Looking through yesterday’s trading picture, I came away with several thoughts:Although a direct listing appears to be a more complicated process – at least due to the order matching on opening day – I truly believe this is the future of public listings. It maintains greater control over the valuation with the company during the final funding rounds and eliminates the risk that of a sale at a more conservative price...
Ahead of the direct listing Coinbase provided an update regarding the total number of shares to be listed (130.7 million) and that the 68.5 million shares of Class B common stock would be “convertible, at any time, at the option of the holder, into one share of Class A common stock.” Nasdaq released notice that the reference price for Coinbase’s direct listing (COIN) is $250. As the notice states “the reference price is NOT...
THE HEADLINES [Members Area Crypto] BIDEN ADMINISTRATION PROPOSES FINCEN BUILD CORPORATE DATABASE www. whitehouse. gov President Biden is proposing that the Financial Crimes Enforcement Network (FinCEN) receive $191 million, $64 million above the 2021 enacted level, to create a database that tracks the ownership and control of companies and organizations and help combat the use of complex corporate structures to shield illegal activity. [Members Area Crypto] EIB LOOKING TO USE...
THE HEADLINES [Members Area Crypto] BIDEN TEAM EYES POTENTIAL THREAT FROM DIGITAL YUAN www. bloomberg. com Bloomberg is reporting that the Biden Administration is stepping up scrutiny of China’s plans for a digital yuan, with officials concerned the move could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency. [Members Area Crypto] PAKISTAN 'WAITING TO BURST' WITH DIGITIZATION EFFORTS www. twitter. com 🐦📺The Governor...
THE HEADLINES [Members Area Crypto] BOJ WORKING WITH G7 ON COMMON RULES FOR CBDCS www. reuters. com The Bank of Japan announced that the G7 plans to establish a set of common rules and platforms for their own central bank digital currencies. [Members Area Crypto] DIGITAL RUBLE EXPECTED BY 2023 www. reuters. com The Russian central bank has expanded on its recent statements regarding the creation of a CBDC by...
Crypto Quarterly Portfolio Strategy Q1 2021: Bull market intact as stocks, high yield and capital flows signal further risk-on ahead of landmark Coinbase IPO
In this crypto weekly note, we’re giving a more comprehensive Q1 end update covering prior recommendations and current market views.Bitcoin and crypto had a strong March quarterStocks and high yield are signaling risk-on for cryptoLong GBTC NAV discount is the new BTC premium arb tradeBitcoin dominance falling as crypto capital flows push altcoins higherSmaller to mid-cap cyclicals offering high-risk high-reward crypto market betaCoinbase IPO is landmark moment for the crypto...
THE HEADLINES [Members Area Crypto] SOUTH KOREA CRACKING DOWN ON ILLEGAL CRYPTO ACTIVITIES www. theblockcrypto. com South Korea’s government revealed joint-ministerial plans to “crack down on illegal activities related to transactions such as market price manipulation, money laundering, and tax evasion using virtual assets through cooperation with the police, prosecution and financial authorities.” [Members Area Crypto] HAINAN ISLAND TO BEGIN TESTING DIGITAL YUAN www. theblockcrypto. com The southern located Chinese...
THE HEADLINES [Members Area Crypto] SWEDEN TO BRING BANKS INTO NEXT STAGE OF E-KRONA PROJECT www. reuters. com Sweden’s central bank has completed the first phase of its CBDC and plans to expand the e-krona digital currency initiative by bringing in banks over the next year to test how its proposed digital currency will handle commercial and retail payments in the real world [Members Area Crypto] ARGENTINEAN CENTRAL BANK ASKS...
THE HEADLINES [Members Area Crypto] RUSSIA EYEING BLOCKCHAIN-BASED ALTERNATIVE TO SWIFT www. coindesk. com The deputy head of Russia’s Ministry of Foreign Affairs believes that the development of blockchain technology has demonstrated that global settlements can take place on a new technological platform instead of the US dominated SWIFT payments network. [Members Area Crypto] MAS ISSUES ANOTHER CRYPTO WARNING www. mas. gov. sg The chairman of the Monetary Authority of...
GBTC announces plans to convert to an ETF which should help close the -9% NAV premium gap
The largest U.S. exchange traded products, GBTC and ETHE, for the largest two crypto assets, Bitcoin and Ethereum, have been trading at a persistent discount to their NAV for a little over a month, with GBTC sitting around -9% and ETHE sitting around -5%. Source: Bloomberg (Date: 4/5/2021) Much of the discount has been the result of investors expecting a U.S. listed Bitcoin ETF in the near future after the...
